Financial Aid - Office of Scholarships and Financial Aid



Report: KSU’S Use of Funds Distributed Under CARES Act Under Section 18004(a)(1) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Pub. L. No. 116-136 (March 27, 2020), the Secretary of Education was authorized to allocate formula grant funds to postsecondary schools. The formula was based on Pell Grant recipients:Weighted at .75 per Pell FTE and .25 per non-Pell FTE (includes graduate and undergraduate students)100% online students (prior to emergency) were excluded from the formulaThe Certification and Agreement directs each institution applying for HEERF funds to comply with Section 18004(e) of the CARES Act and submit an initial report (the “30-day Fund Report”) to the Secretary thirty (30) days from the date of the institution’s Certification and Agreement to the Department of Education. To date, the Department has not provided specific instructions regarding this report. In the meantime, KSU must post the following information listed below, in an easily accessible format and location 30 days after receiving its allocation under 18004(a)(1). Thereafter, the information will be updated every 45 days:Requirement 1: An acknowledgement that the institution signed and returned to the Department the Certification and Agreement and the assurance that the institution has used, or intends to use, no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.KSU signed this document which provided assurance that it intends to use no less than 50 percent of the funds received to provide emergency grants to students. It was submitted, according to guidance, to on Monday, April 13, 2020, by the KSU Office of Research (Tracking Number – GRANT 13069642; Confirmation April 13, 2020, 03:40:33 PM EST).Requirement 2: The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students.On April 9, 2020, the Department of Education published documents related to the Emergency Financial Aid Grants, including a?letter?from Secretary Betsy DeVos, a?form Certification and Agreement for signing and returning by institutions to access the funds, and a list of institutional?allocations under 18004(a)(1). Kennesaw State University will receive $27,911,927. Pursuant to the Certification and Agreement, 50% of the allocation, $13,955,964, will go directly to students in the form of emergency financial aid grants for expenses related to the disruption of campus operations.The remaining funds may be spent on institutional crisis-related expenses.Requirement 3: The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of the date of submission (i.e., as of the 30-day Report and every 45 days thereafter).As of July 26, 2020, $6,842,808 of Emergency Financial Aid Grants have been distributed to 9,395 students under Section 18004(a)(1) of the CARES Act.Requirement 4: The estimated total number of students at the institution eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act.In Spring 2020, KSU had approximately 26,158 students eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act.Requirement 5: The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.As of July 26, 2020, $6,842,808 of Emergency Financial Aid Grants have been distributed to 9,395 students under Section 18004(a)(1) of the CARES Act.Requirement 6: The method(s) used by the institution to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act.For Current Emergency Needs: At this time, an amount of $5,000,000 has been set aside to address needs associated with food insecurity, housing needs, etc., that are directly attributed to COVID-19. This amount is dedicated solely to currently enrolled students for spring 2020. Students are directed to complete the Financial Hardship Application via this web link: and are also directed to the Office of Scholarships and Financial Aid webpage link: application is reviewed to determine whether funds should be made available to the student. If the student demonstrates that s/he has expenses related to the disruption of campus operations due to COVID-19, CARES Act funding assistance will be offered, subject to the funding limitations and the following: The student must be currently enrolled in courses for spring 2020The student must have a valid FAFSA on file for 2019-2020The student must demonstrate eligibility for Title IV funding as a result of filing the 2019-2020 FAFSA and meet all eligibility criteria in Section 484 of the HEA An eligible student must not have been a fully online student prior to March 13, 2020The EFC (Expected Family Contribution) will be reviewed, with preference given to low EFCs. The maximum amount made available is $750 per eligible student. The grant cannot be applied to institutional charges. The grant is provided directly to the student via their Bank Mobile refund preference. Each individual application is reviewed on a case-by-case basis. Once the need is determined, the grant is posted to spring 2020 (202001 in Banner), and the Bursar’s Office will be notified. The grant will be funded through the standard Bursar refund process and sent to students based on their refund preference. For Summer 2020 needs:KSU has determined that each Pell Grant recipient has had unexpected financial burdens resulting from COVID-19. Therefore, each Pell Grant recipient for summer 2020 that has “paid” Pell funds, will receive a grant of $500 each. The student must be enrolled and must have Pell Grant funds paid out and applied to their student account in the Bursar’s Office. No consideration will be given to the number of hours the student is registered to receive this grant.If Pell Grant is paid – then the $500 will be posted.Consideration will be given to other students who may demonstrate unexpected financial burdens resulting from COVID-19. For summer 2020, the disbursement of Financial Aid will occur June 16th. This disbursement pertains to federal, state and other funds – NOT the CARES Act fund. Once the Bursar’s Office assesses fees and processes all refunds – the $500 grant will then disburse. This will prevent the grant from applying toward institutional charges.Once disbursed the Bursar’s Office will begin providing the grants directly to the students via their Bank Mobile refund preference. The grant will be funded through the standard Bursar refund process and sent to students based on their refund preference. Requirement 7: Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.Students apply for the Emergency Financial Aid Grants by completing the Financial Hardship Application via this web link: and are also directed to the Office of Scholarships and Financial Aid webpage link: articles about the availability of support are linked below: ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download